The Problem During the Summer of 2020, the crypto space saw a surge in new DeFi offerings. It felt like you couldn’t lose if you invested in these tokens as they all seemed to pump right out of the Uniswap gates. Ignoring the longer-term questions of sustainability and competitive advantage while prices across the board were skyrocketing, investors piled in doing little to no due diligence. As a result, many fell victim to the scammers with their flash-in-the-pan food coins, valueless forks, and ponzinomics. Worse yet, many fell victim to the proverbial “rug pull” where devs had no intention of completing the project and just set it up to steal investor’s money. There is no doubt that scammers have damaged the reputation of DeFi. Now that the market has cooled down, level heads may prevail as investors now position for the next stage of DeFi.
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